Champions League winners Bayern Munich have taken over as the most valuable football brand in the world from Premier League club champions Manchester United.
The 2013 list compiled by British company Brand Finance values the Bundesliga club at 860 million US dollars - 23 million dollars more than United.
Real Madrid, valued at 621 million dollars, are third, with their Spanish rivals Barcelona fourth valued at 572 million dollars.
Five Premier League clubs are in the top 10, with the other five places belonging to two German clubs, two Spanish clubs and AC Milan.